GM’s Q3 Unscathed by Strikes
Exceeds expectations but takes conservative posture as walkouts continue.

GM also withdrew target electric-vehicle production volume because demand has failed to meet expectations.
IMAGE: Pexels/500photos.com
General Motors, despite more than a month of worker strikes against it, exceeded Wall Street’s third-quarter expectations but withdrew its full-year guidance due to the uncertainty brought by the strikes.
The Detroit automaker had $3.1 billion in profit, down 7.3% year-over-year as revenue rose 5.4% to $44.1 billion.
“Our supply chain team and logistics partners in North America have done great work improving the flow of vehicles from our assembly plants to our dealers,” said CEO Mary Barra in a letter to shareholders. “Our U.S. dealers helped us outperform the market with strong pricing and essentially flat incentives.”
GM also withdrew target electric-vehicle production volume because demand has failed to meet expectations. It will instead focus on increasing efficiencies with the goal of cutting production costs and turning greater profit, Barra wrote.
She addressed the United Auto Workers’ demands for more compensation, saying GM has offered the union record wage hikes and job security, including pay of roughly $84,000 a year for the majority of workers.
“It’s an offer that rewards our team members but does not put our company and their jobs at risk.”
UAW President Shawn Fain said GM’s quarterly results prove workers deserve a better take of profits. “Another record quarter, another record year. As we’ve said for months: record profits equal record contracts,” he said in a statement. “It’s time GM workers, and the whole working class, get their fair share.”
Originally posted on Auto Dealer Today
More Industry

Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →